a) A code-oriented system implemented through a strong central government, the uniform and conservative nature of the Japanese accounting system, and the presence of Keiretsu groupings are still prevalent in Japan in the current era. Do you agree or disagree? Why or why not? Provide examples to support your arguments. (Minimum word limit 500 words).

b) While many countries across the world have adopted the International Financial Reporting Standards (IFRS), in the context of the European Union, IFRS is required for consolidated accounting, while national accounting systems continue to be the dominant system for unconsolidated (single company) accounting in many countries. Discuss how this system works and why this may have been the desired approach of accounting convergence? (Minimum word limit 250 words)